KUALA LUMPUR (Dec 13): AllianceDBS Research said Ivory Properties Group Bhd (Ivory) had on Dec 12 gapped up to a high of 33.5 sen before closing at the day’s low of 33 sen (up 0.5 sen or 1.53%).

In its evening edition yesterday, the research house said Ivory continued to trade below the 20-day (blue) and 50-day (red) moving average lines.

“Following the up close on Dec 12, the stock is likely to move higher again with immediate hurdle at 34 sen.

“A crossover of 34 sen should see further price rise to the next overhead resistance zone, 36.5 sen – 37.5 sen .

“The support is pegged at 31.5 sen. A fall below 31.5 sen would put pressure on the stock down to the subsequent support at 30 sen,” it said.

AllianceDBS Research said stock volume traded on Dec 12 was 69,000 shares compared to the 3-month average volume of 180,000 shares.

The research house said that indicators wise, the MACD was marginally above the 9-day moving average line with a buy signal just being emitted.

It said the relative strength index indicated that the stock was currently in a neutral zone.